The market is a device for transferring money from the impatient to the patient.
USD
EUR/USD
The Shared currency faded to $1.0966 amid softer eurozone data and mixed US economics ahead of tonight's Fed meeting.
GBP/USD
The Cable darted higher to $1.3054 on back of strong jobs report from the U.K which supported the prospect of a Bank of England rate hike for tomorrow's meeting.
USD/JPY
The Japanese yen modestly gained to 118.23 against the greenback following strong Japanese trade data released earlier in the day.
AUD/USD
The Australian dollar tiptoed higher to $0.7210 although its top trading partner China continues to deal with its latest COVID-19 outbreak.
USD/CAD
The Loonie shot up to 1.2746 against the U.S dollar despite a slump in oil prices.
USD/ZAR
South Africa's rand firmed slightly at 15.10 per U.S dollar, as the market's attention turned to today's U.S. Federal Reserve meeting where an interest rate hike is expected.
USD/MUR
The dollar-rupee rose by 5 cents to 44.05(selling).
16:30 - USD - Retail Sales (MoM)(Feb)
16:30 - USD - Core Retail Sales (MoM)(Feb)
16:30 - CAD - Core CPI (MoM)(Feb)
22:00 - USD - Fed Interest Rate Decision
22:00 - USD - FOMC Economic Projection
22:00 - USD - FOMC Statement
22:00 - USD - FOMC Press Conference
After bouncing back from key resistance level 0.6262 from the upside as per our last forecast (see below) , NZDCHF sworn down to 0.6144 but lacked sufficient selling pressure to continue its downtrend.
It appears that final wave Y of W-X-Y correction is quite complex and there might be 2 scenarios popping up in the near term.
Scenario 1 : we could have reached final wave ‘e’ before downtrend resumes. (As per Elliott wave principle a triangle can be formed as final wave C of wave Y of W-X-Y correction)
Key resistance level is wave ‘e’ of barrier triangle of wave C – 0.6259.
